FLC Flaherty and Crumrine Total Return Fund Inc

The Boards of Directors of Flaherty & Crumrine/Claymore Preferred Securities Income Fund Incorporated (NYSE:FFC) and Flaherty & Crumrine/Claymore Total Return Fund Incorporated (NYSE:FLC) have approved new regular monthly dividend amounts on their common stock to be effective with the dividends to be paid on December 31, 2008 to holders of record of each Fund�s Common Stock on December 23rd. The expected ex-dividend date is December 19th. Until further notice, the new regular monthly dividend for FFC�s common stock will be $0.114 per share, which equates to an annual dividend of $1.368 per share, and the new regular monthly dividend for FLC�s common stock will be $0.11 per share, which equates to an annual dividend of $1.32 per share. Donald F. Crumrine, Chairman of the Boards of the Funds, said �We have reduced the dividend primarily because of each Fund�s de-leveraging in response to the extraordinary market conditions which began in September. Each Fund leverages the returns to common stock shareholders through a combination of bank financing and auction preferred stock. While each Fund�s common stock dividend continues to be enhanced by its use of leverage, the reduction of $261.225 million (or 48.2%) of FFC�s leverage and $59.5 million (or 46.3%) of FLC�s leverage has limited the extent of that enhancement and the Boards have adjusted each Fund�s dividend accordingly.� FFC and FLC were organized in 2003 as closed-end, diversified investment companies. FFC invests primarily in preferred securities with an investment objective of high current income consistent with preservation of capital. FLC invests primarily in preferred and other income-producing securities with a primary investment objective of high current income and a secondary objective of capital appreciation. FFC and FLC are managed by Flaherty & Crumrine Incorporated, an independent investment adviser which was founded in 1983 to specialize in the management of portfolios of preferred and related securities. Flaherty & Crumrine also manages two other U.S. closed-end funds: Flaherty & Crumrine Preferred Income Fund (NYSE: PFD); and Flaherty & Crumrine Preferred Income Opportunity Fund (NYSE: PFO). Website: www.fcclaymore.com